Want to Move Closer to the Grandkids? How San Diego Homeowners 62+ Can Make It Work

Maybe you're tired of making the long drive just to see the grandkids. You'd love to live close enough for dinner together on a random Tuesday, or to be the grandparents who can say, "Just drop them off. We've got them."

Prefer to watch? See the video here.

Then the big question shows up: how could we actually make a move like that work?

Here's the short answer. For many San Diego homeowners 62 and older, the equity in your current home can do a lot of the heavy lifting. You might sell, buy a home closer to family, and in some cases use a reverse mortgage called a HECM for Purchase so there's no monthly mortgage payment on the new place.

But I don't want to start with the numbers. I want to start with you.

Start with the life you want, not the house

When families talk to me about moving, they often jump straight to price tags. That's understandable. But the better first question is simpler: what do you want your days to look like?

Take a few minutes and think about these:

• How often would you like to see your kids and grandkids? Every week? Every day?
• How much house do you really want to clean, repair, and pay to keep up?
• Do stairs, a big yard, or a long drive to the doctor feel harder than they used to?
• What would you do with more free time and less upkeep?

If being closer to family, having less to maintain, and having more freedom sounds better than what you have now, that's worth paying attention to. Once you know what you want, the money part is much easier to plan.

How your San Diego home equity can open the door

If you've owned your home in Rancho Peñasquitos, Poway, Rancho Bernardo, or anywhere in North County for many years, you may have built up a lot of equity. Equity is simply the difference between what your home is worth and what you still owe on it.

That equity is often what makes a move possible. Here are the paths I most often walk people through:

1. Sell and buy with cash. If your equity covers the new home, you can buy it outright and have no mortgage at all.
2. Sell and buy with a regular mortgage. This works for some people, but it means a monthly payment again.
3. Sell and buy with a HECM for Purchase. You put part of your sale money down, and a reverse mortgage covers the rest, with no required monthly mortgage payment.
4. Stay put. Sometimes, after looking at everything, staying is the right answer. That's okay too.

What is a HECM for Purchase?

A HECM (you say it "heck-um") is a Home Equity Conversion Mortgage. It's the reverse mortgage insured by the FHA, which is part of the U.S. Department of Housing and Urban Development (HUD). A HECM for Purchase, sometimes called H4P, uses that same loan to buy a new home instead of borrowing against the one you already own.

Here's what to know in plain English:

• At least one borrower must be 62 or older.
• Your down payment has to come from your own money, like savings or the cash from selling your current home. Bridge loans and seller financing aren't allowed.
• You must move into the new home as your main residence within 60 days of closing.
• You'll meet with a HUD-approved counselor before you apply. It's a built-in safety step, and a great time to ask questions.
• There's no required monthly mortgage payment, but you must keep paying property taxes, homeowners insurance, and any HOA dues, and keep the home in good repair.

For 2026, HUD set the HECM limit at $1,249,125, up from $1,209,750 in 2025. That's the highest home value the loan can be based on, which matters in a high-priced area like San Diego. How much you'd need to put down depends mostly on your age, interest rates at the time, and the price of the home.

Moving within California? Don't forget Prop 19

If the grandkids live somewhere else in California, there's another tool worth knowing about. California's Prop 19 lets homeowners 55 and older take their current property tax value with them to a new home. Here are the basics from the State Board of Equalization:

• You must be 55 or older when you sell your current home.
• The new home can be in any California county.
• You must buy the new home within two years before or after selling the old one.
• You can use it up to three times in your life.
• If the new home costs more than your old home sold for (with some allowance based on timing), part of the difference is added to your tax value.

One important catch: Prop 19 does not apply to homes outside California. If your family lives in another state, your new property taxes will follow that state's rules. You also have to file a claim with the county assessor. It doesn't happen on its own.

I wrote more about how these two tools work together in Prop 19 + HECM for Purchase: How San Diego Homeowners 55+ Can Downsize.

What to do next

You don't have to have it all figured out today. A good first step is just a conversation, ideally with your adult kids in the room, so everyone hears the same information.

1. Write down what you want your life to look like over the next five to ten years.
2. Get a rough idea of what your home might sell for.
3. Talk with someone who can lay out each path side by side: stay, sell and pay cash, or sell and use a HECM for Purchase.

Sometimes the question isn't just, "Can we afford to leave?" Sometimes it's, "What could our life look like if we did?"

A simple place to start is my free guide, Stay, Move, or Use Your Equity? It walks you through a few plain questions to help you see which path fits you best.

Or call me at 619-586-6196. I'm happy to look at your situation with you, with no pressure. And if you'd rather hear this in my own words, watch the video here.

This article is for general education only and isn't tax, legal, or financial advice. Reverse mortgage borrowers must be 62+, occupy the home as their primary residence, and keep paying property taxes, homeowners insurance, and home maintenance. Amanda LaRussa, NMLS #2166834. Edge Home Finance Corporation, NMLS #891464. Equal Housing Opportunity.